LEAP INDIA LTD IPO: Company Review, Subscription and Allotment Updates
2026-08-06 — Company overview and issue details LEAP INDIA LTD IPO (ABOUT THE COMPANY) LEAP INDIA LTD – COMPANY BACKGROUND LEAP India Ltd was incorporated in 2013 and is into the business of offering sustainable supply chain and…
2026-08-06 — Company overview and issue details
LEAP INDIA LTD IPO (ABOUT THE COMPANY)
LEAP INDIA LTD – COMPANY BACKGROUND
LEAP India Ltd was incorporated in 2013 and is into the business of offering sustainable supply chain and asset-pooling solutions. Its services include equipment pooling, returnable packaging, inventory management, transportation, etc. It caters to sectors like FMCG, auto, and consumer durables. Global PE firm, KKR, holds a majority stake in LEAP India Ltd. It has tied up with more than 1,000 companies, which includes some of the marquee names in Indian corporates. It has over 400 permanent employees on its rolls.
LEAP India Ltd has been promoted by Sunu Mattheew and Vertical Holdings II Pte Ltd. The IPO will be a combination of a fresh issue of shares and an offer for sale (OFS) component. The fresh issue funds will be used for repayment and prepayment of loans availed by the company as well as for general corporate purposes. The OFS is being done entirely by promoter shareholders. The issue is being lead-managed by JM Financial, Avendus Capital, IIFL Capital, and UBS Securities; while MUFG Intime India Private Ltd is the registrar to the IPO.
HIGHLIGHTS OF THE IPO ISSUE OF LEAP INDIA LTD
Here are the key highlights of the public issue of LEAP India Ltd.
The IPO is open from August 07th, 2026 to August 11th, 2026. It has a face value of ₹1 per share and the IPO price band has been fixed in the range of ₹151 to ₹159 per share.
The IPO of LEAP India Ltd will be a combination of a fresh issue of shares and an offer for sale of shares by the promoter shareholders.
The Fresh Issue portion of the IPO comprises the issue of 3,01,88,679 shares (301.89 lakh shares), which at the upper price band of ₹159 per share, translates into a fresh issue size of ₹480.00 crore.
The offer for sale (OFS) portion of the IPO comprises the sale of 12,57,86,162 shares (1,257.86 lakh shares), which at the upper price band of ₹159 per share, translates into an OFS size of ₹2,000.00 crore.
Therefore, the overall IPO will comprise of the fresh issue portion and offer for sale (OFS) portion comprising of 15,59,74,841 shares (1,559.75 lakh shares), which at the upper price band of ₹159 per share translates into overall issue size of ₹2,480.00 crore.
Due to the dilutive impact of the fresh issue; the promoter’s stake in the company will get reduced from 90.04% to 55.43% of the total shares outstanding post the IPO.
The IPO of LEAP India Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on August 06, 2026.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of LEAP India Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Friday, 7 August, 2026 |
| IPO Close Date | Tuesday, 11 August, 2026 |
| Basis of Allotment | Wednesday, 12 August, 2026 |
| Initiation of Refunds to non-allottees | Thursday, 13 August, 2026 |
| Credit of Shares to Demat | Thursday, 13 August, 2026 |
| Listing Date on NSE and BSE | Friday, 14 August, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Investor Category | Share Allocation | % Share |
|---|---|---|
| Reservation for Employees | 82,781 shares | 0.05% of total IPO size |
| Anchor Allocation | 4,67,68,854 shares | 28.91% of total IPO size |
| QIB Shares Offered | 3,28,31,138 shares | 20.30% of total IPO size |
| NII (HNI) Shares Offered | 2,46,23,345 shares | 15.22% of total IPO size |
| Retail Shares Offered | 5,74,54,471 shares | 35.61% of total IPO size |
| Total Shares Offered | 16,17,60,589 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.
Here is a quick look at the lot sizes applicable for the IPO of LEAP India Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 94 | ₹ 14,946 |
| Retail (Max) | 13 | 1,222 | ₹ 1,94,298 |
| S-HNI (Min) | 14 | 1,316 | ₹ 2,09,244 |
| S-HNI (Max) | 66 | 6,204 | ₹ 9,86,436 |
| B-HNI (Min) | 67 | 6,298 | ₹ 10,01,382 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 94 shares)
FINANCIAL HIGHLIGHTS OF LEAP INDIA LTD
The table captures the key financials of LEAP India Ltd for last 3 financial years.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 729.53 | 466.47 | 364.97 |
| Sales Growth (%) | 56.39% | 27.81% | |
| Profit after Tax (₹ in crore) | 62.34 | 37.56 | 37.17 |
| PAT Margins (%) | 8.55% | 8.05% | 10.19% |
| Total Equity (₹ in crore) | 1,006.33 | 917.35 | 714.18 |
| Total Assets (₹ in crore) | 2,401.05 | 2,042.46 | 1,400.28 |
| Return on Equity (%) | 6.19% | 4.09% | 5.21% |
| Return on Assets (%) | 2.60% | 1.84% | 2.65% |
| Asset Turnover Ratio (X) | 0.30 | 0.23 | 0.26 |
| Earnings per share (₹) | 1.50 | 0.99 | 1.03 |
| EBITDA (₹ in Crore) | 378.83 | 273.80 | 209.92 |
| EBITDA Margins (%) | 51.93% | 58.70% | 57.52% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
While sales have shown rapid growth, the PAT margins continue to be remain in single-digits. However, the EBITDA margins are very robust. That is more because the company has relatively high levels of borrowings and lease liabilities, which has resulted in elevated interest and lease rental costs. That is something to be tracked closely.
VALUATION METRICS OF LEAP INDIA LTD IPO
Based on the latest EPS of ₹1.50, the IPO price of ₹159 per share is being discounted at a P/E ratio of 106X. The bigger takeaway for the company is the high level of EBITDA margins. However, the level of debt in the balance sheet is quite high and large asset size means that the asset sweating and the ROA will continuously be under pressure. Investors must keep that in mind while tweaking valuation assumptions.
Let us look at some of the intangibles that the company brings to the table. The backing of KKR is an impressive statement and the anchor allotment has seen specific interest from big-bucket global investors. Their share-and-reuse model does have future potential. Its ability to offer a full suite of supply chain assets is an added advantage. Investors looking at the IPO will have to keep a close tab on the post operating costs and the high asset base.
2026-08-07 — Anchor allocation
LEAP INDIA LTD IPO (ANCHOR ALLOCATION 28.91%)
BRIEF ON ANCHOR ALLOCATION OF LEAP INDIA LTD
The anchor issue of LEAP India Ltd saw a robust response on 06th August 2026 with 28.91% of the IPO size absorbed by anchors. Out of 16,17,60,589 shares (1,617.61 lakh shares) on offer in the IPO; anchors picked up 4,67,68,854 shares (467.69 lakh shares) accounting for 28.91% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹159 per share. This includes the face value of ₹1 per share plus a share premium of ₹158 per share. The anchor bidding opened and closed on 06th August 2026.
KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS
Here are the key details pertaining to the anchor bidding of LEAP India Ltd
| Bid Date | August 06, 2026 |
|---|---|
| Shares Offered | 4,67,68,854 shares |
| Anchor Portion Size (₹ in crore) | ₹743.63 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | Sep 10, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Nov 09, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
MAJOR ANCHOR ALLOCATION INVESTORS IN LEAP INDIA LTD
On 06th August 2026, LEAP India Ltd allotted 4,67,68,854 shares to a total of 32 anchor investors. The allocation was done at the upper IPO price band of ₹159 per share which resulted in overall anchor allocation of ₹743.63 crore. The anchors have already absorbed 28.91% of the total issue size of ₹2,571.99 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹532.78 crores, or, 71.65% of the overall anchor allocation of shares, one trading day ahead of the IPO of LEAP India Ltd. The individual anchor allocation of top-10 investors is indexed descending on the number of shares allotted, and captured in the table below.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | Smallcap World Fund Inc | 1,00,62,136 | 21.51% | ₹ 159.99 |
| 02 | Axis Flexi Cap Fund | 47,16,168 | 10.08% | ₹ 74.99 |
| 03 | Monetary Authority of Singapore | 34,58,354 | 7.39% | ₹ 54.99 |
| 04 | Aditya Birla Sun Life Insurance | 31,40,540 | 6.72% | ₹ 49.93 |
| 05 | Government Pension Fund Global | 29,80,270 | 6.37% | ₹ 47.39 |
| 06 | Motilal Oswal Large Cap Fund | 22,01,292 | 4.71% | ₹ 35.00 |
| 07 | The Prudential Assurance Company | 20,11,788 | 4.30% | ₹ 31.99 |
| 08 | Amundi Funds New Silk Road | 20,11,788 | 4.30% | ₹ 31.99 |
| 09 | Bank of India Flexi Cap Fund | 16,34,284 | 3.49% | ₹ 25.99 |
| 10 | Morgan Stanley India Investment Fund | 12,91,842 | 2.76% | ₹ 20.54 |
| Grand Total | 3,35,08,462 | 71.65% | ₹ 532.78 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.
Out of the 4,67,68,854 shares allocated to the anchors in the IPO, there was an allocation of 1,87,35,422 shares made to mutual funds regulated by SEBI. This anchor allocation to mutual funds was spread across 15 MF scheme of 6 asset management company (AMC). Mutual funds accounted for 40.06% of the overall anchor allocation.
Out of the 4,67,68,854 shares allocated to the anchors in the IPO, there was an allocation of 31,40,540 shares made to 1 life insurance company regulated by IRDAI. The remaining anchor allocation was spread across FPIs, ODIs, and alternate investment funds (AIFs).
NEXT STEPS IN LEAP INDIA LTD IPO
Post the closure of the IPO subscription on 11th August 2026, the basis of allotment will be finalized on 12th August 2026 and the refunds will be initiated on 13th August 2026. In addition, the demat credits are expected to also happen on 13th August 2026 and the stock will list on 14th August 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 13th August 2026 under ISIN (INE00GO01025).
2026-08-11 — Day-3 subscription update
LEAP India Ltd (Day-3 Final Subscription at 8.38 times)
LEAP INDIA LTD - IPO SUBSCRIPTION STATUS ON DAY-3
As of 7.20 pm on 11th August 2026, out of the 1,149.92 lakh shares on offer in the IPO (excluding anchor portion), LEAP India Ltd saw bids for 9,632.61 lakh shares. This implies an overall subscription of 8.38X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of LEAP India Ltd was as under:
| Employees (10.99x) | QIBs (16.84X) | HNI / NII (12.64X) | Retail (1.71X) |
|---|
The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. That was the case in this IPO too. Both, the QIB portion and the HNI / NII portion saw bulk of the institutional, corporate and funded subscriptions come in on the last day of the IPO. The company saw steady anchor participation a day ahead of the IPO opening with 28.91% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 4,67,68,854 | 4,67,68,854 | 743.62 |
| Employee Quota | 10.99 | 82,781 | 9,09,356 | 14.46 |
| QIB Investors | 16.84 | 3,28,31,138 | 55,28,45,866 | 8,790.25 |
| HNIs / NIIs | 12.64 | 2,46,23,345 | 31,11,83,804 | 4,947.82 |
| Retail Investors | 1.71 | 5,74,54,471 | 9,83,21,744 | 1,563.32 |
| Total | 8.38 | 11,49,91,735 | 96,32,60,770 | 15,315.85 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO of LEAP India Ltd was open up to August 11, 2026, and has closed for subscription as of the close of trading hours on August 11, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹16,059.47 crore.
NEXT STEPS IN THE LEAP INDIA LTD IPO
Post the closure of the IPO subscription on 11th August 2026, the basis of allotment will be finalized on 12th August 2026 and the refunds will be initiated on 13th August 2026. In addition, the demat credits are expected to also happen on 13th August 2026 and the stock will list on 14th August 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 13th August 2026 under ISIN (INE00GO01025).
2026-08-11 — Allotment guidance and next steps
LEAP India Ltd IPO (How to check allotment status)
ABOUT THE LEAP INDIA LTD IPO
The IPO of LEAP India Ltd opened on August 07th, 2026 and closed on August 11th, 2026. The overall IPO comprised of a fresh issue and an offer for sale (OFS) of 16,17,60,589 shares (1,617.61 lakh shares) worth ₹2,571.99 crore at the upper price band of ₹159 per share. The allotment status will be finalized by end of day (EOD) of August 12, 2026. Here is how to check your allotment status for the IPO of LEAP India Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd).
CHECKING THE ALLOTMENT STATUS OF LEAP INDIA LTD IPO ON BSE WEBSITE
This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity Option
Under Issue Name – Select LEAP India Ltd from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip OR
Enter your PAN (10-digit alphanumeric) number
Once this is done, you need to click on the Captcha to verify you are not a robot
Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of LEAP India Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits.
CHECKING ALLOTMENT STATUS OF LEAP INDIA LTD IPO ON NSE WEBSITE
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity & SME IPO Details Option
Under SELECT SYMBOL – Select LEAP from the dropdown box
Enter the Application Number / CAF exactly as in the acknowledgement slip AND
Enter your PAN (10-digit alphanumeric) number
Once both are entered, click on the Submit Button
You must input the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of LEAP India Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF LEAP INDIA LTD ON MUFG INTIME INDIA PRIVATE LIMITED (REGISTRAR TO THE IPO)
Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below:
https://in.mpms.mufg.com/Initial_Offer/public-issues.html
There are 4 options available to you to access the allotment status, and you can use any of these options to query.
You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book.
Finally, click on the SUBMIT button.
In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to ipo.helpdesk@in.mpms.mufg.com or you can call on (0)-81081-14949 for voice call.
NEXT STEPS IN THE LEAP INDIA LTD IPO
Post the closure of the IPO subscription on 11th August 2026, the basis of allotment will be finalized on 12th August 2026 and the refunds will be initiated on 13th August 2026. In addition, the demat credits are expected to also happen on 13th August 2026 and the stock will list on 14th August 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 13th August 2026 under ISIN (INE00GO01025).
Interested in applying for this IPO?
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